I was forgetting…

Stockbroker Yachts

A long time ago, a visitor from out of town came to a tour in Manhattan. At the end of the tour they took him to the financial district. When they arrived to Battery Park the guide showed him some nice yachts anchoring there, and said, “Here are the yachts of our bankers and stockbrokers.”

“And where are the yachts of the investors?” asked the naive visitor.

πŸ™„

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Mr Madoff may be ‘proof’ that some of ‘the system’ works, sometimes…

But when a legitimate bank/investment firm goes belly up, taking all investor’s money with it, it is a fact the men who ran the company are not the ones who lose the most, despite often being the ones who gained the most.

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3 thoughts on “I was forgetting…

  1. Risk and reward is the name of the Wall St. game. Playing that game isn’t all that different than any form of gambling. If our investment is in the hopes that one day we can buy a yacht that may be worth a gamble. If we are investing for our retirement funds we need to be a great deal more careful.

    I remember when my uncle invested $25,000 in what turned out to be a junk bond. I asked him what kind of guarantee back the bond. He said, “It says it’s guaranteed right on the front of the note”. He lost the whole $25,000.

    It is very sad to see so many hard working people losing their money.

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  2. JR – ‘Homey’? hahahahahahaha – i feel so young now πŸ™‚

    Ed – i agree – very sad to see everyone but corporate execs losing their money. I believe your currency declares: In God We Trust”. I like the wit who wrote after it: All others pay cash! πŸ˜‰

    Wall Street operates on the same principle as a casino ( only not quite as honest). Investors take the risk knowing some win and some lose and no-one believes they will be the ones who lose.. while the ‘house’ takes their cut of all investors; win, lose or draw. The ‘brokers’ ( if ever there was an appropriate name for a job that’s one right there!) πŸ™‚ will most often not invest their own money in the various investments thay advise others to take and if they ever do they do so knowing they can most likely get their funds out first before the ‘news breraks’ out to the rest of the investors who then lose much more than they.

    As i said – not quite as honest as a casino.

    There are laws preventing insider trading – i know for a fact they don’t work any more than the death penalty stops murders. 😦

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